Avis Budget Group, Inc. (NASDAQ:CAR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Martyn Smith will assume the position of Chief Financial Officer,
on an interim basis, effective June 9, 2017. In connection with
Mr. Smiths appointment, the Company entered into a letter
agreement with Mr. Smith dated June 6, 2017 (the Employment
Letter), which provides for an annual base salary of $575,000 and
a target annual incentive of 80% of base salary, subject to
attainment of applicable performance goals. The Employment Letter
also provides certain tax and short-term relocation benefits,
generally in accordance with the Companys standard policies.
Wyshner, President and Chief Financial Officer, will resign from
the Company, effective June 9, 2017. In connection with Mr.
Wyshners departure from the Company, the Company entered into a
Separation Agreement with Mr. Wyshner dated June 7, 2017 (the
Separation Agreement).
with the Company dated March 28, 2016, the Separation Agreement
provides, with respect to stock-based awards scheduled to vest by
the two-year anniversary of the separation date, for immediate
vesting of time-vesting awards and continued eligibility for
vesting of performance-vesting awards. The Separation Agreement
also provides for cash severance in the amount of $4,850,000 and
continuation of certain specified perquisites for two years. The
Companys obligation to provide the above payments and benefits is
contingent on Mr. Wyshners execution and non-revocation of a
release of claims to the terms of the Separation Agreement. The
Separation Agreement also imposes certain obligations on Mr.
Wyshner, including cooperation obligations, and provides that Mr.
Wyshner will remain subject to the restrictive covenants under
his Employment Agreement.
hereto as Exhibit 10.1 and 10.2, respectively, and are
incorporated herein by reference. The foregoing description of
each of the Employment Letter and the Separation Agreement does
not purport to be complete and is qualified in its entirety by
reference to the full text of the Employment Letter and the
Separation Agreement, respectively.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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10.1
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Employment Letter, dated June 6, 2017, between Martyn
Smith and Avis Budget Group, Inc. |
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10.2
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Separation Agreement, dated June 7, 2017, between David
B. Wyshner and Avis Budget Group, Inc. |
About Avis Budget Group, Inc. (NASDAQ:CAR)
Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis is a rental car supplier and Budget is a rental vehicle supplier. It also owns Payless, which a car rental brand, and Apex, which is a car rental brand in New Zealand and Australia. It operates in two segments: Americas and International. The Americas segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company’s brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, South America, Central America, the Caribbean, Australia and New Zealand, and operates its car sharing business in certain of these markets.
